Electric Vehicle Maker THINK™ Resets for a New Start
OSLO, Norway (July 25, 2011) – THINK Global AS, a leading manufacturer of pure electric cars, has been purchased by a prominent international technology entrepreneur who is committed to maintaining the company’s key role in global transportation electrification.
A court-appointed trustee selected Mr. Boris G. Zingarevich, whose investment operations are based in St. Petersburg, Russia, as the winning bidder following a bankruptcy proceeding initiated by the Norwegian carmaker last month.
In addition, Mr. Zingarevich has signed a memorandum of understanding with American advanced lithium-ion battery maker Ener1, Inc. and Finnish automobile engineering and manufacturing concern Valmet Automotive, Inc. to cooperate in relaunching THINK.
“Having achieved the position of one of the world’s most highly regarded electric vehicle products, the THINK brand is a valuable asset that deserves to continue its key role in the global shift to electrification,” said Mr. Zingarevich. “With the potential of working with the leading American automotive lithium-ion battery maker and Europe’s top automobile engineering and manufacturing company, I believe we could have exactly the right combination and value chain to ensure that the brand will be increasingly competitive in the worldwide electric vehicle market.”
The assets of wholly owned subsidiaries THINK North America and THINK UK, which have remained going concerns during the bankruptcy proceeding for THINK Global, were also acquired in the transaction. Financial advisory services were provided by LATUM, a specialised investment banking and services company.
The name of the new company that will market THINK brand products is Electric Mobility Solutions AS, registered in Norway. A new sales and service structure for THINK will be announced soon. The production restart, with a refined version of the THINK City, is scheduled to begin in the first quarter of 2012.
# # #
About Mr. Boris G. Zingarevich
Mr. Zingarevich is an international serial entrepreneur with investments spanning a wide range of new and traditional industries in a number of countries. He has been the principal investor since 2002 in the leading American automotive lithium-ion battery manufacturer Ener1, Inc., on whose board of directors he sits. Mr. Zingarevich is a founder and strategic shareholder in Ilim Group, a joint venture with the American company International Paper and the largest timber products company in Russia.
Image page by Newspress LTD